New London, Conn., Dec. 31, 2012 (GLOBE NEWSWIRE) -- Evercel, Inc. (Pink Sheets: EVRC) has acquired the majority ownership of a business printing equipment manufacturer with worldwide operations and sales volume of $150 million. The name of the company will be available on January 14, 2013, after employees and partners have been notified. Evercel will schedule a conference call for shareholders shortly thereafter.
Today, the company also announced that Daniel Allen has been named CEO of Evercel. Dan led today's acquisition and will be named chairman of the acquired company. Dan's mission will be to continue to grow Evercel, leveraging today's acquisition as a platform for additional acquisitions.
Dan has an extensive background investing in and building growth-oriented technology companies. Dan worked at Bain Capital for nearly a decade, a leading private equity firm that focused on applying management consulting principles to hands-on investing. At Bain Capital, Dan, focused on growth and venture technology investments. Prior to Bain Capital, Dan helped create Fandango, the online movie ticketing site. Dan also founded a technology company building tools for targeted online consumer marketing. Prior to Bain Capital, Dan worked at McKinsey & Co in New York and London. Dan graduated from Harvard College and received an MBA from Harvard Business School. Dan lives in New York City.
Current Evercel CEO Garry Prime will be retiring. "Garry Prime has been instrumental in bringing Evercel to this exciting point and we are very grateful for his many years of outstanding service to Evercel," said James Gerson, chairman of Evercel. Prime will continue to be available to Evercel as a consultant.
New London, Conn., based Evercel is a multi-industry company whose operations include, in addition to the recently acquired business printing equipment manufacturer, crab processing for both fresh and frozen markets, and sales of Swivel Y-valves used in the treatment of patients on respirators.
Contact: Jim Gerson,